theoretically the changeover was 9/90 but there were some instances of old stuff laying around and being put in the M5s for the US market. If you have a column that you can adjust in and out it's the later style.
I have never seen the three thick spoke wheel you are looking at get installed in an E34. You need to make sure the airbag is compatible with our SRS I modules and that it is included in the part/price you were given. I believe the one you are looking at is SRS II.
This wheel was on many euro model M5s but I'm not sure about it's compatibility to pre 5/94 US cars.
http://www.realoem.com/bmw/showparts...04&hg=32&fg=35
The wheel that is most compatible with the E34 M5 is the E36 M3 four spoke wheels from '97 and '98. The wheel with proper contact ring will fit, and the airbag you already have will bolt right in. This wheel is thicker, smaller, and has tri-stripe stitching.
I have 6/90 build M5 and use the M-Tech II tri-spoke wheel in it, but lose my airbag functionality.
Originally Posted by dmenheere